TOP 3 Price Analysis: BTC, ETH, XRP — Buyers Showing Last Efforts to Save Bullish Trend

Price Predictions
Mon, 07/06/2020 - 14:00
Denys Serhiichuk
Is the current bounce the last one before Bitcoin (BTC), Ethereum (ETH), and XRP set new local highs?
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The start of a new week has turned out to be positive for the cryptocurrency market. Altcoins have kept up with the growth of Bitcoin (BTC). Moreover, they have even outperformed the leading crypto.

Top 10 coins by Coinstats

The vital information of Bitcoin (BTC), Ethereum (ETH), and XRP.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$169,259,141,119

$9,186.51

$15,066,442,926

1.83%

Ethereum

ETH

$26,093,151,935

$233.72

$6,758,803,038

4.23%

XRP

XRP

$8,161,751,488

$0.184414

$1,106,087,293

5.04%

BTC/USD

Although the general trend is sideways trading, bulls have not allowed bears to break the $9,000 mark. Moreover, the bounce was accompanied by a trading volume increase, which confirms the false breakout of $9,000.

BTC/USD chart by TradingView

On the 4H time frame, the basic and resistance lines of the Bollinger Bands indicator are going up in the wide range. The first obstacle buyers might face resistance at is the yellow zone between $9,350 and $9,450. If they reach it, it will be the highest retest level they will have reached since June 24.

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One needs to pay attention to the price holding below or above this zone. The more likely scenario is a false breakout followed by a continued decline below $9,000 as buyers still do not have enough strength to achieve $9,500 and higher levels.

Bitcoin is trading at $9,215 at press time.

ETH/USD

On Saturday, the price of Ethereum (ETH) was in lateral consolidation, and by the end of the day, the pair broke through the average price level and set a local maximum at around $230. However, growth was not supported by volume and on Sunday sellers gradually pushed the price to support at $222.

ETH/USD chart by TradingView

In the medium term, buyers might aim at breaking the resistance of $233.33 and re-testing the line at $247, while the task of the bears will be to break through the zone of the June low and take the price to the psychological mark of $200.

Ethereum is trading at $235.14 at press time.

XRP/USD

XRP is the biggest gainer from our list. The altcoin has rocketed by more than 5% over the past day, coming out from the consolidation phase. 

XRP/USD chart by TradingView

On the 4H time frame, XRP has left the accumulation phase it started at the end of June. In addition, the current growth is supported by increasing trading volume, which is a good sign for bulls. However, buyers need more power to continue the rising trend. In this case, we can expect a correction after reaching the $0.19 mark. What is more, the RSI indicator is already located in the overbought area.

XRP is trading at $0.1869 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.


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